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Monad Labs has successfully completed a $225 million funding round led by Paradigm, aimed at developing a Layer 1 blockchain that challenges existing platforms like Ethereum and Solana. The funding will support the building of an L1 blockchain fully compatible with the Ethereum Virtual Machine (EVM), with plans to launch its mainnet by the end of 2024. This initiative, highlighted for its potential to significantly enhance blockchain performance and scalability, promises EVM compatibility, parallel processing of transactions, and a performance 1000x faster than Ethereum.
Paradigm leads a $225 million round for Monad Labs, which is building a layer-1 blockchain to take on Ethereum and Solana. https://t.co/jKmOW5bTsZ
Huge congrats to @keoneHD @0x_eunice @_jhunsaker and the whole Monad team on this step! 💪🚀 Having known Keone and Eunice since they were freshmen at MIT, I'm really not surprised here :) Excited to have had the opportunity to support them since summer '22! Gmonad https://t.co/5tDg9fMWVt
The interesting thing about Monad is not parallelized EVM, that's an implementation detail It's building bottoms up with performance and community as first class citizens
